Amid a continuous rise in petrol and diesel prices after the central government cut down excise duty and asked government-controlled oil marketing companies to take a Re 1 cut, Prime Minister Narendra Modi is scheduled to meet chiefs of oil companies today.
PM Modi will meet oil minister Dharmendra Pradhan, ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.
Besides, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo, Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are also likely to attend the meeting.
It is expected that the discussion will be on investment in oil and gas exploration, emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth.
Petrol prices had hit an all-time high of ₹ 84 per litre in Delhi and ₹ 91.34 in Mumbai on October 4 after which Finance Minister Arun Jaitley announced a ₹ 1.5 cut in excise duty and asked oil companies to bear a loss of Re 1 per litre. Several states have also reduced their excise duty or VAT in the last few weeks.
Since then, petrol and diesel prices have again been on the rising trend. A litre of petrol costs ₹ 82.72 in Delhi, ₹ 88.18 in Mumbai, ₹ 85.99 in Chennai and ₹ 84.54 in Kolkata. On the other hand, diesel costs ₹ 75.46 in Delhi, ₹ 79.11 in Mumbai, ₹ 79.80 in Chennai, ₹ 77.31 in Kolkata.